MUMBAI: Sebi Chairman U K Sinha today said the market watchdog will shortly come out with a long-term policy for the mutual fund industry which will help deepen the penetration of the industry into non-metro markets.

"There is a need to refocus on the purpose and need to refocus on the goal of mutual funds.

"We have had our consultations with the industry stake-holders and we are hopeful that very soon we will be coming out with our long-term mutual fund policy which will help in the growth of the industry," Sinha told reporters on the sidelines of an SBI Mutual Fund event here.

It can be noted that 44 MFs collect over 90% of their customers in the few top metros and despite many efforts by the regulator, penetration into the non-metro and rural markets is too low.

On the realty MF -- the real estate investment trust funds -- he said Sebi had received some representation from the industry.

"We have received some representation from industry and currently, we are trying to look into what are the changes required so that this product can also be launched soon," he said.

When asked about the special investment scheme launched to encourage first-time investors into stock market (Rajiv Gandhi equity investment scheme), Sinha said so far only nine such schemes have been launched and total assets mobilised but the industry is only Rs 53 crore.

"We are going to engage with the industry to understand what are the problems and the challenges and if there is anything that involves the government, we propose to take up the matter with the government," the Sebi chairman said.

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